Washington Nursing Facilities that control patients’ funds are required under the Revised Code of Washington section 82.42.040 to file a Washington Nursing Facility Resident Funds Bond as a condition of licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Washington Nursing Facility Resident Funds Bond holds you accountable for your business decisions.
By possessing a Washington Nursing Facility Resident Funds Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.